The Battle Cry of the Gullible
The battle cry of energy transition advocates is “Electrify everything.” Meaning: Let’s power cars, heating systems, industrial plants, and every other type of machine with electricity rather than fossil fuels. To do that, we need copper—and lots of it. Second to silver, a rarer and far more expensive metal, copper is the best natural electrical conductor on Earth. We need it for solar panels, wind turbines, and electric vehicles. (A typical EV contains as much as 175 pounds of copper.) We need it for the giant batteries that will provide power when the sun isn’t shining and the wind isn’t blowing. We need it to massively expand and upgrade the countless miles of power cables that undergird the energy grid in practically every country. In the United States, the capacity of the electric grid will have to grow as much as threefold to meet the expected demand. A recent report from S&P Global predicts that the amount of copper we’ll need over the next 25 years will add up to more than the human race has consumed in its entire history. “The world has never produced anywhere close to this much copper in such a short time frame,” the report notes. The world might not be up to the challenge. Analysts predict supplies will fall short by millions of tons in the coming years. No wonder Goldman Sachs has declared “no decarbonization without copper” and called copper “the new oil.” (Source: wired.com, bold added)